The approval, known as PMA or “penanaman modal asing”, is granted by an Indonesian capital investment coordinating board and represents an important milestone for the continued development of the planned underground TCM mine.
“PMA status is another box ticked as we move to the development stage for our flagship TCM project,” Pan Asia chief executive Alan Hopkins said.
“It is very timely as we are now in discussions with parties interested in participating in the development of our project.”
Recent drilling at the site has increased TCM’s JORC-compliant resource to 129 million tonnes of coal.
The company projects sales of 1.5-2 million tonnes per annum over an initial 15-year mine life and completion of development at the end of 2012.
